Hydra Consulting co-launches 2020 edition of Foment program
Following the success of the inaugural Foment accelerator program, Flinders University New Venture Institute, Hydra Consulting and Wine Industry Suppliers Australia have teamed up once more to organise a 2020 edition.
Just like technology is disrupting other sectors, technology is similarly touted to shape the future of wine and tourism. To help start-ups in the space grow their capabilities and hit the ground running, the trio of Flinders University New Venture Institute (a hub for entrepreneurs), Hydra Consulting (a consulting firm) and Wine Industry Suppliers Australia (a community for grape and wine companies) last year launched the Foment program.
Foment is an accelerator program designed to enable tech start-ups in the wine and tourism sectors to advance their product or service into a market ready phase. Meanwhile, the program is also designed to help the wine and tourism industry speed up its adoption of new technologies.
The program was the first of its kind to launch in Australia and was presented as ‘Australia’s wine and tourism tech revolution’. Last year, seven companies came through the intensive three week program, with a number of them now making their mark in the sector.
On the back of 2019’s success, the organisers have received the support of several new major sponsors, including Wine Australia and Barossa Australia, and the backing of the South Australian Government through a SA Wine Industry Development Scheme Grant.
Commenting on the 2020 edition, Chair of Foment and co-founder of Hydra Consulting Darren Oemcke said: “Foment is a fabulous opportunity to build technology adoption by the wine and tourism sectors through our acceleration and tech transfer events.”
Andreas Clark, CEO of Wine Australia, added “For the wine sector, Foment adds a path to innovation and adapting to change through technology, it’s a means of helping to shape the future.”
Australia is one of the world’s top producers and exporters of wine. In 2019, exports of bottled wine grew by 7% in value to hit $2.4 billion, but fell by 5% in volume to 342 million litres. Wine was exported to a total of 120 markets, with China, the US, the UK, Canada, and Singapore being the largest export markets.
“Foment works with our great tourism businesses and our great wine businesses. We want these enabling technologies to be endemic to Australia so that we’re more efficient, we’re more successful and we’re more engaged with consumers than anywhere else in the world,” Oemcke concluded.
